List of fees charged by the Bucharest Stock Exchange. A. Fees and commissions applicable to Participants
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1 A. Fees and commissions applicable to Participants All the fees included in this document represent the maximum level that can be charged. The Board of Governors determine the actual level of fees and commissions charged as well as the exemptions and / or discounts. 1. Admission and maintenance fees for a Participant on the trading system (in RON, VAT included) 1.1 One-off fees Fee for the admission of a Participant to BVB s trading system - Spot and derivatives regulated markets 200,000 (non-transferable trading license) The fee is paid for admission on both regulated markets administered by BVB. The fee applies to intermediaries/investment firms either from Romania or from member/non-member states. The fee is not applied to the entities assimilated to Traders Fee for the admission as Participant exclusively to the BVB s trading system for the government securities market 5, Fee for the admission of Traders on the derivatives market 200,000 The Trader fee applies to entities authorized by CNVM/ASF as Traders, either from Romania or from member/non-member states. 1.2 Annual fees Fee for the maintenance of a Participant to BVB s trading system for the spot market 1,500 The fee is paid annually by the Participant to the BVB s trading system. Due on March 31 st Fee for the maintenance of the Participant to the government 1,500 securities market Fee for the maintenance of a Participant to BVB s trading system for the derivatives market 1,500 Suspended for 2015 The fee is paid annually by the Participant to the BVB s trading system. Due on March 31 st. 1
2 2. Fees for accessing the Trading System (VAT included) List of fees charged by the Bucharest Stock Exchange 2.1 Monthly fees Standard access to the trading platform (Terminal) Fee for Arena XT Software as a Service co-located on BVB s servers RON 250 (starting with the 6 th terminal) EUR 200 The fee is charged for the standard access to the trading system of a Participant, for each additional Terminal, starting with the 6 th terminal. The fee applies per Participant and offers the right to give its own clients access to the Arena XT brokerage platform developed by BVB. 3. Commissions for trading on the spot markets administered by BVB (VAT not included) 3.1 Trading fee for shares, rights and fund units, applied to the value of the trade Regulated market, RASDAQ, ATS, Unlisted: Regular and Odd-Lot markets: Buy: 0.04% Sell: 0.10% Deal market: Buy: 0.045% Sell: 0.117% 3.2 Trading fee for ETFs, applied to the value of the trade Regular market: Buy: 0.04% Sell: 0.10% Deal market: Buy: 0.05% Sell: 0.12% The fee is charged for each transaction executed by each Participant. The fee is also charged for trades executed by Participants registered as Market Makers / Liquidity Providers for the respective financial instruments, on other accounts than the one used for maintaining their obligations as Market Makers / Liquidity Providers. 3.3 Trading fee for bonds, applied to the value of the trade 0.01% 2
3 3.4 Trading fee for government securities (except the government securities for retail investors), applied to the value of the trade 3.5 Trading fee for government securities for retail investors, applied to the value of the trade 3.6 Trading fee for structured products, applied to the value of the trade % Min. RON 1, Max. RON 10 RON 1 All structured products, with the exceptions mentioned below: Regular markets: Buy: 0.04% Sell: 0.10% Deal market: Buy: 0.05% Sell: 0.12% The structured products having as underlying fixed-income financial instruments or tradable UCITS (ETFs) that invest in fixed-income financial instruments: The trading fee is charged for each side of the trade (buy/ sell). Buy: 0.01% Sell: 0.03% 4. Fees for trading on the spot markets administered by BVB, for Market Makers or Liquidity Providers (VAT not included) 4.1 Trading fee for shares from the regulated market, applied to the value of the trade Buy: 0.01% Sell: 0.01% According to the Market Makers Pilot Program 4.2 Trading fee for ETFs applied to the value of the trade Buy: 0.02% Sell: 0.06% The fee is charged for trades executed by Market Makers / Liquidity Providers, exclusively on the account used for fulfilling their obligations as Market Maker / Liquidity Provider (own account or an indicated account), for the respective financial instrument. 3
4 4.3 Trading fee for government securities (except government securities for retail investors) applied to the value of the trade 4.4 Trading fee for government securities for retail investors, applied per trade 4.5 Trading fee for structured products applied to the value of the trade 4.6 Trading fee for international shares from the ATS market, applied to the value of the trade 4.7 Trading fee for bonds, applied to the value of the trade 4.8 Trading fee for fund units, applied to the value of the trade % Min. RON 1, Max. RON 5 RON 0.5 All structured products, with the exceptions mentioned below: Buy: 0.02% Sell: 0.06% The structured products having as underlying fixed-income financial instruments or tradable UCITS (ETFs) that invest in fixed-income financial instruments: Buy: 0.006% Sell: 0.020% Buy: -0.08% Sell: -0.02% 0.005% Buy: 0.02% Sell: 0.06% The fee is charged for trades executed by Market Makers / Liquidity Providers, exclusively on the account used for fulfilling their obligations as Market Maker / Liquidity Provider (own account or an indicated account), for the respective financial instrument. An exemption from such fees applies for minimum 3 months from launching new structured products having as underlying shares listed at BVB, for Participants acting as Liquidity Providers. The fee is charged for trades executed by Market Makers / Liquidity Providers, exclusively on the account used for fulfilling their obligations as Market Maker / Liquidity Provider (own account or an indicated account), for the respective financial instrument. The fee is according to the BVB s Procedure regarding the application of the trading fess for the Market Makers registered for bonds, depending on the fulfilment of the conditions set. The fee is according to the BVB s Procedure regarding the application of the trading fess for the Market Makers registered for fund units, depending on the fulfilment of the conditions set. 4
5 5. Fees for trading on the derivatives regulated market for the futures contracts trading, except the Market Makers (in RON, VAT not included) 5.1 Futures contracts with reference notional value within the range: 0.05 / contract (RON 0 - RON 3,000) 5.2 Futures contracts with reference notional value within the range: 0.15 / contract [RON 3,000 RON 8,000) Paid by both the buyer and the seller. 5.3 Futures contracts with reference notional value within the range: 0.35 / contract [RON 8,000 RON 15,000) 5.4 Futures contracts with reference notional value more than RON 0.90 / contract 15, Fees for trading on the derivatives regulated market for the futures contracts tradin for the registered Market Makers (in RON, VAT not included) 6.1 Futures contracts with reference notional value within the range: (RON 0 - RON 3,000) 6.2 Futures contracts with reference notional value within the range: [RON 3,000 RON 8,000) 6.3 Futures contracts with reference notional value within the range: [RON 8,000 RON 15,000) 6.4 Futures contracts with reference notional value more than RON 15, / contract 0.10 / contract 0.15 / contract 0.40 / contract Paid both by the buyer and the seller. BVB will not charge this fee in the first calendar month starting with the listing day for all series of a new futures contract. If the launching date is not the same with the beginning of a calendar month, the period is extended until the end of the next calendar month. The fees applicable to the Derivatives Market participants who own the Market Marker quality are charged only for the contracts traded on House account, corresponding to IFD series for the participants registered as Market Maker. 5
6 7. Commissions for public offers and other operations (VAT not included) 7.1 Shares (applied to the value of the transaction) Initial public offers, primary public sale offers, other primary sales, secondary public offers, other secondary sale offers All markets Buy: 0% Sell: 0.135% Public tender bids Regulated market 0.216% Public tender bids and takeover bids RASDAQ, ATS and Unlisted markets RASDAQ, ATS: 0.117% Unlisted: 0.288% 7.2 Bonds (applied to the value of the transaction) Initial public offers, primary public sale offers and other primary sales All markets 0.007% Secondary public offers and other secondary sales, public tender bids All markets Regulated market, RASDAQ and ATS: % Unlisted: % 7.3 Government securities for retail investors Primary market 0 The fee for the buy side is suspended between 2013/06/ /12/31 6
7 8. Fees for trades correction and invalidation (VAT included) List of fees charged by the Bucharest Stock Exchange 8.1 All financial instruments traded on BVB s spot regulated markets, with the exception of government securities Standard correction or invalidation fee (applied to the value of the trade for the side involved) 1% Max. RON Buy-In / Sell Out trades 1% Max. RON 2, Additional trade correction fee (applied as per BVB s Code) RON 1, Government securities Standard correction or invalidation fee for participants (applied to the value of the trade for the side involved); Buy-In/ Sell Out trades Trade value below RON 3 mil: % Min. RON 1, Max. RON 27 Trade value above RON 3 mil: RON % for what exceeds RON 3 mil, max. RON Standard correction or invalidation fee for market-makers (applied to the value of the trade for the side involved); Buy-In/ Sell Out trades Trade value below RON 3 mil: % Min. RON 1, Max. RON 19 Trade value above RON 3 mil: RON % for what exceeds RON 3 mil, max. RON All the financial instruments traded on the derivatives regulated market Fee for the forced closure of an open positions by BVB Fee for trade invalidation RON 5 / contract RON 50 / contract The additional fee is charged starting with the 4th request to correct transactions executed by a Participant (only for requests related to the Participant s fault), registered during a calendar year ( ). BVB carries out the forced closure of the open positions, in exceptional situations and only at the request of the Clearing House. Contracts forcedly closed by BVB are charged additionally from the trading fee. The fee is charged by BVB to the derivatives market Participant whose fault determined the retroactively invalidation of a trade, in exceptional cases as per BVB s or the Clearing House s rules. 7
8 9. Examination fee for stock exchange / derivatives market brokers (in RON, VAT included) 9.1 Examination for obtaining the stock exchange / derivatives market 150 broker quality, or for the annual validation 9.2 The first re-examination for obtaining the stock exchange / derivatives market broker quality or for the annual validation, as 300 well as in the case of the re-examination following a sanction 9.3 Starting with the second re-examination for obtaining the stock exchange / derivatives market broker quality or for the annual validation, as well as in the case of a new re-examination following a sanction 450 The examination fee for derivatives market brokers also applies when new products are implemented. Document s last update: May 5,
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